Gilead Sciences, Inc. (Nasdaq: GILD) announced that it has reached an agreement in principle to settle the ongoing patent litigation with Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) concerning the patents protecting Viread (tenofovir disoproxil fumarate), a treatment for HIV infection and chronic hepatitis B. Under the terms of the settlement, Teva will be allowed to launch a generic version of Viread on December 15, 2017.
Gilead president and COO said, “We believe strongly in the validity of our intellectual property. This settlement, however, removes some uncertainty and minimizes further distraction and investment of human and financial resources associated with this litigation.”
The trial in this litigation, which was scheduled to begin on Wednesday, February 20 in the District Court for the Southern District of New York, has been adjourned pending completion of activities necessary to finalize the settlement.
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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